Ichimoku analysis (4-hour chart)
Tenken-Sen- $31.84
Kijun-Sen- $31.17
silver pared some of its gains as treasury yields rally.It hit a low of $31.28 at the time of writing and is currently trading around $31.67.
The US dollar index trades higher ahead of US GDP. The escalation of tension between Israel and Hamas prevents silver from further downfall.
Major economic data for the day
US GDP (12:30 pm GMT)
Gold-silver ratio-
Gold/Silver ratio- 73.76. The ratio decreased from 91.67 to 72.90, well above the historical average of 52. So silver will outperform gold. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$32.50
It trades above 21 and above 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $30 and a break below the target of $29.25/$28.48. On the higher side, immediate resistance is around $32.50 and any breach above targets is $33/$35.
It is good to buy on dips around $30.75-80 with SL around $30 for TP of $35.
